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Read the Latest Long and Foster Market Conditions Report for the Philadelphia Region
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Mortgage Rates Slide to 13-Month Low, Luring Americans Back Into The Housing Market
So far this year, the 30-year fixed has averaged 4.40%, down from 4.54% in 2018
Rates for home loans fell, with no bottom in sight as investors increasingly brace for slowing economic growth.
The 30-year fixed-rate mortgage averaged 4.28% in the March 21 week, mortgage guarantor
Freddie Mac said Thursday. That was down 3 basis points during the week and a 13-month low for the popular product, which has managed a weekly gain only twice during 2019.
The 15-year adjustable-rate mortgage averaged 3.71%, down from 3.76%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.84%, unchanged during the week.
Read more at Market Watch.
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Existing Homes Sales Post Huge February Gain
Existing home sales took off like a rocket in February, with strong results in three of the four major regions. The National Association of Realtors® (NAR) said single-family homes, townhouses, condominiums and cooperative apartments were sold during the month at a seasonally adjusted annual rate of 5.51 million. This is an 11.8 percent increase over the January sales rate of 4.94 million and is the largest month-over-month gain since December 2015.
Despite the unexpected gain, months of lackluster sales have left year-over-year sales behind by 1.8 percent.
Analysts were looking for results in a range of 4.99 million to 5.47 million. Econoday, sponsor of the poll, said their consensus of 5.10 million reflected an expected rebound in the West, an accurate prediction in part.
Read more at Mortgage News Daily.
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Fed Now Sees No Rate Hikes in 2019
The Federal Reserve said Wednesday it expects the benchmark rate to stay near 2.4 percent by the end of 2019, slashing its forecast from 2 hikes for the year to zero.
The Fed said its benchmark rate will approach 2.6 percent in 2020 and remain at that level through 2021. In the longer run, the central bank expects rates to rise to 2.8 percent.
Chairman Jerome Powell and the Fed have softened their approach toward interest rates after spooking markets late last year. In January, Powell said the case for raising interest rates had weakened and the committee vowed to take a more "patient" approach toward hiking rates.
Read more from CNBC.
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The Best Week to List a Home Is Quickly Approaching
Home sellers expecting the quickest sales may want to make sure the house is in tip-top shape for showings because a big week in the housing market is quickly coming. The best week to put a home on the market is March 31 to April 6, according to a new analysis from realtor.com®. Researchers analyzed the 50 largest real estate markets in the nation over the past three years to determine the best week to sell.
During the week of March 31 to April 6, homes are listed, on average, for 6 percent more than at the beginning of the year-an extra $17,000, according to the study. Homes for sale that week also tend to fetch 14 percent more views on realtor.com® than at other times of the year. Further, listed homes sell about six days faster. The homes also see less competition that week; the highest number of homes tend to go up for sale in late spring, the study notes.
Read more at Realtor Magazine.
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Mortgage Rates Move Lower
Mortgage rates have dipped quite dramatically since the start of the year and house prices continue to moderate, which should help on the home buyer affordability front. The combination of improving affordability and more inventory than the last few spring selling seasons should lead to improved home sales demand.
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We hope you enjoyed this week's Market News. For more information about how PMA can help you, please contact us.
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610.834.8700 (Main Office - Plymouth Meeting)
215.345.7600 (Doylestown Office)
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Information and analysis is obtained through third parties and is deemed accurate but not guaranteed.
Philadelphia Mortgage Advisors is a licensed mortgage lender by the PA Dept. of Banking and Securities, NJ Dept. of Banking & Insurance, the state of DE, the Florida Office of Financial Regulation, MD Mortgage Lender #23004 and VA State Corporation Commission #MC - 6797. NMLS #128570.
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